Here are the top 5 ways an expat can blow through their salary if not keeping a watchful eye on expenses! While all of these things are just as possible working in your “home country”, there’s something about working away that makes these top 5 expenses especially tempting.

Money Transfers

According to YourMoney.com, expats waste hundreds of dollars every year on money transfers. Many times the expensive cost of money transfers is the result of a failure to shop around. Some providers don’t charge a fee for the service and that’s the kind of provider every expat should be seeking in their “host country“.

Family Vacation

Working outside your country usually also means working away from family for many expats so an opportunity to see family members is not one easily turned down. However, a constant revolving door of family members looking for a cheap vacation at your expense will quickly send your income down the chute. While they may be getting the trip of a lifetime, you will be providing meals, transportation money, and the expense of your company (i.e. you go shopping with them, out to eat, museums, etc.) – depending on how good of a host you are. Not to mention, you’re still working while they’re on vacation.

Food Waste

Expat or not, one of the largest contributing factors for many people is food waste. This is especially true when you are living on your own – which you are doing if you are living away from your family. Who wants to cook at home for one? You would rather just grab a quick meal on your way home or your way out; but doing this every day will add up very quickly and before you realize all your money is going into your stomach.

It’s the “little things”

Living abroad, many times alone, means you get to spend money on the little things that make life easier. Grocery delivery, someone to clean your home, weekend trips, etc. The little things that make your expat life unique are the same things that can inhale your expendable income.

Everything here

Our number five is absolutely everything listed in this article by The National. This article specifically points out the expectations of expats living in the UAE and why many of them leave with less money than when they came in. As they say, “Expatriates must be careful not to waste money!”

Use Baymac’s wealth management and financial advisory services from our partner AES International to make sure you actually leave your expatriate assignment with money in your pocket and your bank!

Sources:

http://www.thenational.ae/opinion/feedback/expatriates-must-be-careful-not-to-waste-money

http://blog.aesinternational.com/7-ways-to-waste-your-expat-salary

http://www.yourmoney.com/credit-cards-loans/expats-waste-hundreds-a-year-on-money-transfers/